Mountview – Spring Hill Redevelopment Opportunity Claimed

Holding a prominent position in the rapidly developing Spring Hill, 37 Leichhardt Street, 8 & 10 Downing Street offer an outstanding redevelopment opportunity with both character and upside.

CBRE have the pleasure of showcasing the properties to market in one line, which comprise a rare, landmark site in the heart of Brisbane overlooking the CBD. Situated over three blocks of land improved with two character houses, facing both Leichhardt and Downing Street, this is a multi-faceted development opportunity.

Location

37 Leichhardt Street and 8-10 Downing Street are prominently located in a prime Spring Hill inner city location. Just a few minutes walk from the City’s centre, the location boasts high connectivity to entertainment, work, lifestyle, health and education destinations.

Situated overlooking Roma Street station – Brisbane’s developing transport hub, ensures the location has highly efficient connectivity to the greater Brisbane region with new projects such as the Cross River Rail further enhancing the speed of travel nearby.

Connectivity

As the natural extension of the CBD, Spring Hill offers excellent connectivity, retail amenity and entertainment which has moulded the precinct into Brisbane’s premier near-city commercial, educational, medical and residential zone.

Residential & Population Growth

• Spring Hill has experienced a significant increase in housing and apartment value growth, fuelled by Brisbane’s residential boom and population growth.
• Spring Hill SA2 population sat at 7,793, recording a five-year growth rate of 4.2% per annum with growth of 4.6% in the past year.
  Apartments recorded a median price of $410,000 with the annual change 2.2%. The median apartment asking rent was $410 per week. Compared with 12-months earlier, the change in annual apartment sales volume was 68.5% with the turnover rate at 6.2% (7.8% in Greater Brisbane).

Development Potential

Situated in the Spring Hill Neighbourhood Plan, within the Mixed Use Precinct (NPP-002) and Mixed Use Sub-Precinct (NPP-002a), 37 Leichhardt Street, 8 & 10 Downing Street can achieve a total of 15 Stories under code.

The site contains three overlay components;

• State Heritage Place: 37 Leichhardt Street
• Local Heritage Place: 10 Downing Street
• Area Adjoining Heritage: 8 Downing Street

Importantly, the existing 12 storey, 17 dwelling approval over the site demonstrates precedence that development can be successfully integrated with these heritage components. This approval affords a future application the opportunity to leverage the approved built form to undertake large scale architectural alterations, potential increases in height (15 storey maximum allowable height on the site) and density.

Overall, the site provides the opportunity for future commercial or residential development to occur that will complement the nature of the locality. Whilst a range of uses are generally supported on the site, future development must consider adjoining Character Residential development and on-site heritage components.

Offers are to be submitted directly to the exclusive agents below:

Will Carman Associate Director, Head of Metropolitan Sales	Adelaide O’Brien Associate Director, Capital Markets Office